CIA (e)Bulletin/(e)Bulletin de l'ICA

Canadian Institute of Actuaries/Institut canadien des actuaires

February 2015
Elliott Bauer
D.W. Simpson & Company
Eckler Ltd.
Your Institute

To view the video, click on the image above, or click here. Below is a transcript: 

Hello everyone, and welcome to a very special video update. My name is Jacques Tremblay and I am President of the Canadian Institute of Actuaries, or CIA.

What makes this update so special? In the midst of our 50th Anniversary year, March 18 is a singular day. On that date in 1965, federal Senate Bill S-45 was given Royal Assent, thus creating the CIA. It launched the Institute down its present path and continues to act as our North Star.

Don’t forget that we are holding a free webcast on March 18 to mark this special day and to provide an opportunity for members to understand where the CIA has come from, where we are, and where we are going.

You will be hearing more about our history in the coming months, but for this video, I would like to focus on elements of our long-term strategic plan and some activities we’ve undertaken in support of it.

October 18 is the scheduled date of the next federal election. Some claim it is the most important election in a generation. For the CIA, a federal election is an opportunity for our voice to be heard on issues that matter to Canadians.

In December, the Institute met with Liberal MP Ted Hsu, who had introduced a private member’s bill calling for the reinstatement of the long-form census questionnaire. During that meeting, Mr. Tsu encouraged the CIA to feed into the Liberal Party’s election platform.

Based on that encouragement and our long-term strategic plan we decided to develop public positions to present to all federal political parties as they work to finalize their platforms.

We presented the concept to several committees, including the Health and Pension Advisory committees, who were keen to get involved. Following our new policy on the approval of public positions, I conferred with Michel Simard, our Executive Director, and confirmed the need for these documents. Mike Hale, Chair of the Committee on Public Positions, was informed that work for his new committee would be coming their way.

After much discussion the Health Committee felt that calling out the unsustainable overall cost of healthcare in Canada would make for an attention-grabber. Backed by some incredible work done by Stéphane Levert and John Have, it recommended that the Government of Canada encourage Canadians to dedicate 30 minutes a day to physical activity as a key step in addressing the country’s rocketing healthcare costs. A simple idea, backed up by formidable actuarial rigour, which could have a real and lasting effect on the cost of healthcare nationwide.

Following a similar path, the second public position came in the field of pensions and retirement saving. Saving levels are not high enough, and two-thirds of workers do not have workplace pension plans. Combine these items with the fact that year by year Canadians are living longer, and one can easily see the unsustainable situation that must be addressed immediately.

Pension reform has long been discussed, with several false starts. Simply put, more must be done. Which is why the CIA is calling on the Government of Canada to appoint a national pensions champion charged with working with the provinces to develop a country-wide strategy to secure better pensions for all Canadians, within a system that is simple, flexible, and transparent.

Failure to develop a national strategy leaves the door open to provincial solutions that represent a patchwork of legislation and regulations that may not be transportable, and will be complicated and unwieldy. And of course, the CIA would be pleased to work with the national pensions champion in areas where our expertise and experience can help.

Old Age Security and the Guaranteed Income Supplement have changes which are underway, and the Institute supports these. The CIA could also support a modest increase to the Canada Pension Plan and provincial plans, as long as the change benefits those with the greatest need. Private plans and private savings could focus on modernizing funding regimes, enabling target benefit plans to grow and harmonizing regulations across the country. We also support expanding financial literacy efforts.

Both of these positions are now being finalized and are moving through the appropriate stages of sign-off and approval. The next step will be to meet with each of three federal political parties and encourage them to include these positions in their election platforms. While this work is certainly no easy feat, a lasting benefit of it will be the imprint we leave with each party, making them aware of our thinking and ability to contribute to public policy discussions.

On behalf of the Elections Committee, I encourage you to bring your voice to the CIA’s leadership table and stand as a candidate in the upcoming Board elections. This is a great opportunity to impact the future of the actuarial profession in Canada and play a role in CIA governance. You will grow personally and professionally, while gaining increased business acumen and contributing to your profession. And like me, you will enjoy a sense of satisfaction that comes from volunteering for a great cause!

So, that’s the big news for this month: our anniversary day and a free webcast for all members on March 18, growing involvement with the federal election, and our own 2015 Elections. Of course the Board, its councils, and their committees will all be moving their agendas forward, on behalf of all members and in the public interest.

Finally, program and registration information is now available for the 50th CIA Annual Meeting and Gala Celebration. You don’t want to wait 50 more years for the next event that’s this big!

See you next month!

Jacques Tremblay, FCIA, is President of the Canadian Institute of Actuaries.

 

 
Spotlight

Bring your voice to the CIA’s leadership table and stand as a candidate in the upcoming Board elections. This is a great opportunity to impact the future of the actuarial profession in Canada and play a role in CIA governance.

Current board openings include four Director positions (three-year terms), Secretary-Treasurer (two-year term), and President-elect (one-year term, three-year commitment). Any member who wishes to run for one of these positions, and who meets the nomination requirements set out in the CIA Elections Rules of Procedure, will have their name appear on the ballot.

The Elections Committee is actively identifying and encouraging potential candidates to run. It aims to achieve proportional representation by region and practice area on the Board.

If you are interested in nominating an individual or submitting your own name for this year’s ballot, please contact Shirley Ann Mahon at the CIA Head Office before April 1.

This is your opportunity to serve and support your profession.
 
MOVERS AND SHAKERS

Damon Williams has been appointed as co-CEO of RBC Global Asset Management. Mr. Williams has already headed the company's international institutional business and been president of Phillips, Hager and North.


Networking is a key part of any successful professional's career, and the CIA is offering you a fresh opportunity to inform your peers about your achievements and progress.

Our (e)Bulletin section, On the Move, is a chance for you to publicize your new job, title, credentials or other information. This is an opportunity to tell thousands of fellow actuarial professionals—whether they are ex-colleagues, former college friends, potential employers, future clients, etc.—about, for example:
  • Your new job;
  • A change of title or area of responsibility;
  • Your new qualifications;
  • A change of contact details;
  • Awards or other recognition; or
  • Publication of academic papers or articles.
Simply send an e-mail—one line of information can be enough, but feel free to add more if you so wish—to the CIA's English Editor at andrew.melvin@cia-ica.ca and we will aim to include it in the next issue of the (e)Bulletin.

For more news of CIA members and their activities, follow the CIA on Twitter.

 

 

 
Institute News

Registration has now opened for the biggest and most important Annual Meeting in the CIA's 50-year history.

Taking place from June 17-18 at the Westin Ottawa, the 2015 Annual Meeting will incorporate extensive celebrations to commemorate the organization's 50th anniversary.

Besides the Gala Dinner and Reception at the landmark Shaw Centre, overlooking the Rideau Canal, the event will also include:

  • Three outstanding keynote speakers: Rex Murphy, Jeff Rubin and David Suzuki;
  • A panel of notable journalists who will cover topics including healthcare, pensions, demographics, financial services, and privacy; and
  • The chance to network with Canada’s premier actuarial community.

Full details of this unmissable event are available on the CIA website.

To learn about sponsorship opportunities, click here.

 

The CIA is marking its 50th anniversary this year, and we need your help.

To recognize and honour those whose contributions over the past 50 years have made Canada’s actuarial profession what it is today, we would like to visually commemorate the Institute’s history. This compilation of images will celebrate the fact that members are integral to the CIA’s success.

Head Office staff are scouring the Institute’s files for photographs of members and meetings, and we hope that you will be able to help by contributing your own photographs from CIA activities you have attended since 1965.

If you have images of CIA members or events that you think might help tell the story of the CIA’s history and achievements, we would be grateful if you would e-mail them to anniversarypics@cia-ica.ca.

If you have several pictures, please bear in mind the file size and consider sending separate e-mails in order to ensure they reach us promptly. You may also post your photos to our Facebook page. Simply like our page facebook.com/CanadianInstituteofActuaries and post them on our timeline.

Thank you for helping us to celebrate the CIA’s 50th anniversary!

 

 

As the Institute’s 50th anniversary approaches, more and more CIA members are volunteering to help create the next generation of actuarial professions.

Our Back 2 School program has already seen several presentations being made to high school students, but dozens of other volunteers are preparing to speak to students during March, April, and May.

The goal of Back 2 School is to put actuaries in front of high school math classes to talk about what actuaries do and how to qualify as an actuary, and to share their rich experiences in the profession.

To help deliver some consistent messages, each speaker will be equipped with a PowerPoint presentation involving a set of brief videos to engage the students, and some leave-behind materials. A contest is also being organized to keep audience members connected to the CIA following the volunteers’ visit.

To join those who have already signed up for this special project, contact a local high school and pitch the head of the mathematics department on having you speak to a grade 10–12 class. (Click here to see a list of talking points that will help you with this discussion.) This could be the school that your own child attends, or another in your community. We would also encourage you to consider returning to the high school you attended—especially if you grew up in a remote area where actuaries do not traditionally work.

If you are interested in reaching out to the next generation of actuaries, please contact Eric Mastropietro, co-ordinator, volunteer services, at eric.mastropietro@cia-ica.ca. For a list of schools that have already been chosen by volunteers, visit the Back 2 School page on the CIA website.
 

Ron Hoskins, FCIA (1988), FSA (1988)

Earlier this month Ron Hoskins lost his battle against cancer at the age of 59. The holder of a BMath degree, he spent 32 years at Manulife Financial, where he was said to have been highly regarded for his expertise in group insurance. His volunteer work with the CIA included serving on the Group Life and Health Experience Subcommittee of the Research Committee, and he was also a member of Canadian Life and Health Insurance Association committees and both the Canadian and Québec drug insurance pooling corporations.

 

 
THIS MONTH'S PUBLICATIONS

REGFORMORSA ORSA Discussions Over Coffee – Jointly Sponsored by SOA and CIA

REGFORMANN15 CIA 2015 Annual Meeting Registration Form

REGFORMCCFe REGFORMCCFe

EECA119 Eligibility and Education Council Agenda - Meeting nº 119 (February 19, 2015)

EECM118 Eligibility and Education Council Minutes - Meeting nº 118 (January 13, 2015)

SB2015 2015 Sponsorship Brochure

215005 Research Paper: Occupational Disease

215010 Research Paper: Occupational Disease – Executive Summary

215011 Submission to the Council of Experts on Automobile Insurance Contributions: Proposed Insurance Contributions: Proposal for 2016–2018

215009 Seeing Beyond Risk (January 2015)

AA2014-11 Session 11: Updates from the Research Committee (Volume 25, September 2014)

AA2014-2 Session 2: Economic Capital Modelling and Insurance Risk – the IBC Handbook (Volume 25, September 2014)

AA2014-4 Session 4: Enhancing One’s Thinking When Performing or Reviewing a Reserve Analysis (Volume 25, September 2014)

AA2014-7 Session 7: International Landscape – IFRS and IAIS BCR Overview (Volume 25, September 2014)

AA2014-9 Session 9: Judgment in Actuarial Valuation Practice (Volume 25, September 2014)

AA2014-10 Session 10: Dynamically Adjusting for Auto Reform (Volume 25, September 2014)

PECREG2015 Registration Form: 2015 Practice Education Course (PEC)

FINISN2015 Practice Education Course: Introductory Study Note 2015 (Finance and Investment)

FINLO2015 Practice Education Course: Course of Reading and Learning Objectives 2015 – Finance and Investment

GRPLO2015 Practice Education Course: Course of Reading and Learning Objectives 2015 – Group Benefits

ILALO2015 Practice Education Course: Course of Reading and Learning Objectives 2015 – Individual Life and Annuity

FINISN2015 Practice Education Course: Introductory Study Note 2015 (Finance and Investment)

GRPISN2015 Practice Education Course: Introductory Study Note 2015 (Group Benefits)

ILAISN2015 Practice Education Course: Introductory Study Note 2015 (Individual Life and Annuities)

RETISN2015 Practice Education Course: Introductory Study Note 2015 (Retirement Benefits)

RETLO2015 Practice Education Course: Learning Objectives 2015 – Retirement Benefits

PECREG2015 Registration Form: 2015 Practice Education Course (PEC)

EB0115 (e)Bulletin January 2015

EB0115PDF (e)Bulletin January 2015 (PDF Version)

PECILAFI Future Income and Alternative Taxes (2015)

PECILASOE Source of Earnings (2015)

215007 CIA Elections Rules of Procedure (2015)

GENISN2015 Practice Education Course (PEC): Introductory Study Note (2015)

GENLO2015 Practice Education Course: General Session Overview and Syllabus (2015)

215006 Mortality Table: Canadian Insured Payout Mortality Table 2014 (CIP2014)

215006T Mortality Table: Canadian Insured Payout Mortality Table 2014 (CIP2014) – Tables

215013 Submission to Actuarial Standards Board: Ratemaking Principles

215012 Submission to Casualty Actuarial Society: Ratemaking Principles

AA2014-1 Session 1: Investments – More than Fixed Assets! (Volume 25, September 2014)

AA2014-3 Session 3: CLIFR Update (Volume 25, September 2014)

AM-2014-38 Session 38: The Role of the Actuarial Function in Managing Risks (Volume 45, June 2014)

AM-2014-42 Session 42: What’s New in Mortality Research at the SOA? (Volume 45, June 2014)

215004 Revised Educational Note: Events Occurring After the Calculation Date of an Actuarial Opinion for a Pension Plan 

 

Tweets from @CIA_Actuaries:

Register today! Live video webcast: Highlights of the CIA’s History and Its Vision for the Future http://bit.ly/CIAAnniversaryWebcast...

More Canadians expect to be working past age 65, rather than #retiring, according to @SunLifeCA #unretirement index http://bit.ly/1JpPB9Z

Contributions to registered retirement savings plans totalled $37.4 billion in 2013, up 4.8% from 2012 http://ow.ly/J0iAM #RRSP

Ontario releases climate change strategy discussion paper http://bit.ly/1ArZ1vR

Deadline nears for commenting on new #pensioner #mortality table - http://tinyurl.com/ljfym9v

The 2014-2015 Pension Plan Solvency Information Return has been posted. http://www.osfi-bsif.gc.ca/eng/pp-rr/ppa-rra/afr-emda/Pages/SIR2015_let.aspx...

Updated Q4 2014 Life and P&C Return Filings, corporate returns & corporate roles posted by @OSFICanada http://www.osfi-bsif.gc.ca/Eng/fi-if/rtn-rlv/fr-rf/Pages/default.aspx...

Why are employees leaving free #pension money on the table? http://fw.to/6Ljh5HZvia @globeandmail

Warning - Caution regarding GetEasy and iGetMania investment program http://bit.ly/162jNFH

Canada's population estimates: Census families, July 1, 2014 http://www.statcan.gc.ca/daily-quotidien/150126/dq150126e-eng.htm?cmp=mstatcan&stp-pcp=twitter...

Letter to the editor on "CPP the savings solution" via @winnipegnews #Actuary http://shar.es/1bBmsj

 

 

 
Calendar of Events

CIA Professionalism Workshop (French) - Montréal - March 6, 2015

CIA Webcast – The Challenges of Working Internationally - March 10, 2015

CIA Webcast: Celebrating 50 Years of Actuarial Excellence – Highlights of the CIA’s History and Its Vision for the Future (English) – March 18, 2015

CIA Webcast: Celebrating 50 Years of Actuarial Excellence – Highlights of the CIA’s History and Its Vision for the Future (French) – March 18, 2015

CIA Climate Change and Sustainability Forum - Toronto - April 9, 2015

ORSA Discussions Over Coffee - Jointly Sponsored by the Society of Actuaries and CIA - April 28, 2015

CIA Professionalism Workshop (English) - Toronto - April 30, 2015

CIA 2015 Annual Meeting - Ottawa - June 17–18, 2015

CIA Actuarial Evidence Seminar - Québec - September 11-12, 2015

CIA Appointed Actuary Seminar - Montréal - September 17-18, 2015

CIA Pension Seminar - Toronto - November 5, 2015

CIA Investment Seminar - Toronto - November 6, 2015

 

 
Board and Council Updates

Eligibility and Education Council

The following people have been appointed to the groups named below:

  • 2015 Practice Education Course (PEC) Organizing Committee: Thomas Hinton (Chair), Steven Cheng, Wes Foerster, Michael Correa, Haripaul Pannu, and Jean-François Poitras, effective January 1, 2015.
  • PEC Exam Committees:
    • Group Benefits: Michael Correa (Chair), Erin Crump, Loretta Di Caro, Bruno Gagnon, Lyna Gendron, Martin Laframboise, Elisabeth Lamarche, René Norena, and Kimberley Palatnick. Bruce Langstroth (Chair) and Lucian Schulte resigned and leave with thanks; the new member being approved is Elisabeth Lamarche.
    • Individual Life and Annuities and Finance and Investment: Wes Foerster (Chair), Alan Bates, Nancy Brophy, Ahwaz Chagani, Matthew Didier, Mark Edwards, Chris Fung, Frédéric Jacques, Graham Kent, Jennie Leung, Ping-Teng Lin, Sophie Provencher, Katherine Russell, David Stalker, and Jay Zhong. Melissa Bui, Nathalie Cloutier, Mark Jarvis, Vikram Malik, Carole Vincent, and Si Xie resigned and leave with thanks; the new members being approved are Nancy Brophy, Matthew Didier, Chris Fung, Frédéric Jacques, Graham Kent, Ping-Teng Lin, Katherine Russell, and Jay Zhong.
    • Retirement Benefits: Stephen Cheng (Chair), Haripaul Pannu (co-Vice-chair), Jean-François Poitras (co-Vice-chair), Philippe Hudon, Karen Kulchyski, Andrew Kwan, Alexandre Larose, Catherine McElwain, Véronique Ménard, Nelsha Nanji, Don Tettmar, Gwendolyn Yager, and Henry Yuen. Mark Campbell, Murray Ferguson, Ryan Wall, and Alexandru Zaharia resigned and leave with thanks; the new members being approved are Philippe Hudon, Andrew Kwan, Véronique Ménard, and Gwendolyn Yager.

The council has approved the membership of the following (sub)committees for 2014–2015:

  • Continuing Education (CE): Deborah McMillan (Chair), Jeremy Bell (Vice-chair), Nathalie Bégin, Jean-Pierre Cormier, Chris Fievoli, Claudia Gagné, Pierre-Paul Renaud, Mayur Shah, June Smyth, and Joan Strothard. Éric Fontaine resigned and leaves with thanks.
  • CE subcommittees, retroactive to December 1, 2014, unless stated:
    • Enterprise Risk Management: Pierre-Paul Renaud (Chair), Jianhua (Jeanna) Li, Andrei Titioura, and Jay Zhong. Hélène Baril resigned and leaves with thanks.
    • Reinsurance/Individual Life and Health Insurance: Mayur Shah (Co-chair), Jean-Pierre Cormier (Co-chair), Laura Anders, Stephanie Banfield, Patrick Charbonneau, Emile Elefteriadis, Amit Malhotra, Jessica Newman, Maria Semak, and Elena Stoyanova Tonkovski.
    • Corporate Life and Health: Joan Strothard (Chair), Brian Fortune, Boon Thye Ho, Alison Rose, and Esther Shuo Wang.
    • Pension: June Smyth (Chair), Stephen Cheng, Charlene Moriarty, Jean-François Poitras, Gordon Ripley, and Tulio Walles Mora.
    • Group Life and Health: Jeremy Bell (Chair), Isabelle Bouchard, Edward Tsu-Jen Kuo, Louise Lessard, and Peter Muirhead.
    • Property and Casualty Insurance: Jeffrey Baer, Houston Cheng, Camille Minogue, and Sylvain Nolet, effective immediately.
  • CIA Education Syllabus: Mathieu Boudreault (Co-chair), Thomas Hinton (Co-chair), Bruno Gagnon, and other members to be confirmed.

Dr. Arnold Shapiro has been appointed as the accreditation actuary at the University of Manitoba, effective January 31, 2015.

The council has approved the mandate of the CIA Education Syllabus Committee: "To ensure that the Institute remains at the forefront of actuarial practice and science by developing, maintaining, and continually enhancing the CIA’s education syllabus for Associate- and Fellow-level qualification and other general educational requirements. To source, evaluate, and recommend solutions for how the requisite content should be delivered and validated."

The Task Force on Canadian Eligibility Requirements has been disbanded with thanks.

The Graduate Scholarship Program Selection Committee has been created, and the membership approved: Sheldon Lin (member, Academic Relations Committee), Gary Parker and David Scollnick (external members, full-time professors in a Canadian university), and one member of the EEC or from the Board to be confirmed.

The CIA Candidate Code of Conduct Task Force, the Task Force to review the SOA General Insurance Track Syllabus, and the Task Force on Mentoring have been disbanded with thanks.

Practice Council

The following people have been appointed to the committees named below:

  • Pension Plan Financial Reporting: Charles Lemieux and Thierry Chamberland, effective January 1, 2015; and Chun-Ming Ma, effective February 1, 2015.
  • Life Insurance Financial Reporting: Caroline Rendall, Salim Kassam, Lisa Miolo, Jean-Yves Rioux, Nathalie Cloutier, and Anandhi Sarvananthan (regulatory representative), effective January 22, 2015.
  • Actuarial Evidence: Guy Martel and Craig Allen, effective November 17, 2015.

Timothy McGorman and Martin Gélinas have resigned from the Committee on Pension Plan Financial Reporting.

The Modelling Task Force has been created with the mandate to produce an educational note to accompany the pending modelling standards. Its members are: Bob Howard (Chair), Michelle Lindo, Pierre Laurin, Mike Palmer, Simon Nelson, and Michelle John.